Operation transformation will create huge value for commercial banks and should become the next source of dividends, according to a new report by the Boston Consulting Group.

Rapid advancement of financial technologies and the mobile internet has led to profound changes in the financial behavior of commercial banks' clients. Driven by intensified competition from a growing number of non-traditional competitors in the digital domain, banks will rely on operation transformation as a key way to handle the challenges they face, said Chen Benqiang, partner and managing director of BCG, a global management consulting firm, at a recent media briefing.

Such a transformation will help banks reduce costs significantly.